Should I Have My Jewelry APPRAISED? | Jill Maurer

This is Jill Maurer with Your Jewelry Minute,
and today I’m answering the question, “Should I have my jewelry appraised?’. Well the answer is … maybe. It just sort of depends on your purpose. Usually your receipt from a jewelry store,
if you just want to know what you have, your jewelry receipt from a jewelry store will
tell you what you have. And that’s good enough for most situations. There are situations though where it makes
sense to get an appraisal. The first is if you are insuring your jewelry. Your insurance company may require an appraisal,
especially if you’re getting a jewelry rider. And you’ll probably only need pieces appraised
that are valued over a certain amount. So when you go to an appraiser, if the purpose
is insurance, you just tell them that’s why I want this appraised. It’s an insurance appraisal. The appraisal will let the insurance company
and you know what you have and will assign a value to it. And then you will pay for insurance based
on that value. Usually your insurance company, the situation
is they will replace that piece with a new piece if it is lost or damaged. Sometimes you get the money. That would be a more rare kind of insurance
rider, but it does happen. The other times that it makes sense to get
a jewelry appraisal are if it’s an estate situation, and you’re trying to determine
the value for estate taxes. That would be a time to get an appraisal. And just tell your appraiser again that that
is what it is for because the number does come out different. In the insurance appraisal you’re trying to
determine what it would be to get a newer piece, to replace it with a new piece. With the estate appraisal, your valuing it
as what is it worth as it sits here right now with whatever damage it has on the estate
market, on the secondary market. And it’s a similar appraisal you get if you
were planning to donate a piece which is another time people often get an appraisal is when
they’re going to donate a piece to charity. And again they want the tax right off so they
need an appraisal showing how much that is worth. This has been Your Jewelry Minute. I hope that answered your question. If you have another question for me, just
ask me in the comments below. Until next time!

12 Replies to “Should I Have My Jewelry APPRAISED? | Jill Maurer”

  1. Thank you once again I didn’t think there was a difference between the estate appraisal and the insurance appraisal very important point. Love you blouse today

  2. Great information. I always has a doubt about appraisal. How accurate does the appraisal has? Will I get same appraisal from different people? Awesome video ❤️

  3. Interesting. I've heard that for insurance/replacement purposes you should insure items for twice their value because insurance companies are notorious for not being willing to pay the full amount owed. What do you think about that? And would that even be possible with an appraisal that gives a fixed amount?

  4. I get it if you want your jewelry appraised. I didn’t know that an appraisal can be different due to the reason! Great I info! 💕❤️ once again Jill! Thank you!!!

  5. I’ve learned this from my financial planning class and Government tax class that you need to get your jewelry appraised for insurance and state tax purposes. And you’re right the numbers will be different. Thanks for doing this video. 💕

  6. Great information , I only chose to have my wedding rings ,my husbands wedding ring and his vintage Rolex from his grandfather appraised for insurance purposes ,my other jewelry like my Tiffany silver and that stuff I felt wasn’t necessary ,we could never afford to just replace the jewelry items that are insured that’s for sure ! Thanks for sharing xoxo

  7. Speaking of appraisals…I have a rhinestone broach that’s somewhere between 50 to 75 years old. It’s BEAUTIFUL with no ID markings that I can see but very clear it’s a expensive piece. Sometimes I’m kinda afraid to wear it because of the attention it draws and I also have a fear of losing it. It’s so very pretty and I just know that it’s valuable. Where do I take costume jewelry for appraisal and how would I know if they’re being honest with me about the value.

  8. Can different people give different appraisals for the same item, or are there guidelines that kind of set the price on things? Wondering because I’ve heard people saying you need to provide a higher appraisal number to insurances just so they actually can cover/ replace your item with a same value item. Do t know if I wrote that right or if it makes sense.

  9. Great video Jill . I got my wedding set appraised. That was 12 years ago. Now my insurance agent says, I need a newer appraisal. Why is that?

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